CASH MACHINE Meaning and
Definition
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A cash machine, also known as an automated teller machine (ATM), is an electronic device that enables individuals to perform various financial transactions without the need for human interaction. It is a self-service machine typically found at bank branches, retail stores, airports, or other accessible locations. The primary purpose of a cash machine is to allow users to withdraw cash from their bank accounts, providing immediate access to funds.
In addition to cash withdrawals, cash machines offer several other functionalities. Users can check their account balances, transfer funds between accounts, deposit cash or checks, and in some cases, pay bills or purchase prepaid mobile phone credit. The machine is designed and programmed to securely connect to a user's bank account and verify their identity through a debit card and a personal identification number (PIN).
Cash machines have revolutionized the way people handle their finances by providing convenient access to money outside of traditional banking hours. They offer round-the-clock availability, saving individuals the hassle of waiting in line at a bank teller during business hours. Moreover, they enhance financial inclusion by enabling individuals in remote or underbanked areas to access essential banking services.
The cash machine is equipped with a secure vault that holds the cash, a touch-sensitive screen, a keypad for entering the PIN, a card reader, and a printer to provide transaction receipts. The user interface of a cash machine is user-friendly and guides individuals through each step of the transaction process, ensuring ease of use for customers of varying technological literacy.
Common Misspellings for CASH MACHINE
- xash machine
- vash machine
- fash machine
- dash machine
- czsh machine
- cssh machine
- cwsh machine
- cqsh machine
- caah machine
- cazh machine
- caxh machine
- cadh machine
- caeh machine
- cawh machine
- casg machine
- casb machine
- casn machine
- casj machine
- casu machine
Etymology of CASH MACHINE
The word cash machine is derived from the combination of two words: cash and machine.
- Cash originated from the Middle French word caisse, meaning money box or case. It later entered English as cash, referring to money in the form of coins or banknotes.
- Machine comes from the Latin word machina, which means contrivance or engine. It was later adopted into Old French as machine, signifying a mechanical device or apparatus.
When these two terms are merged, the phrase cash machine describes a mechanical device used for monetary transactions, specifically withdrawing cash from a bank account. In some regions, the word cash machine is also commonly known as an automated teller machine (ATM) or a cashpoint.
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